Although the online business of casinos is growing, there are certain areas where it still falls behind land-based casinos, like free drinks, free food, travel, and live entertainment. The biggest challenge, however, is the ‘settlements’ which are instant in most Vegas-based casinos, but the online version takes 3-4 days to transfer the funds. This is where cryptocurrencies come in handy and offer a solution. A crypto-based casino platform like Satoshi Dice offers a fair analysis and verifies bets on games offered by a service provider. The platform has processed more than 6,000,000 blockchain-based bets and distributed winnings of more than 4,000,000 BTC. The platform returns bets in less than 20ms.

Many online gaming sites have acknowledged the power of cryptocurrencies by implementing them in their business models. Moreover, places like Malta, which are considered the leaders of the gambling industry, are taking steps to make Bitcoins legal. As a matter of fact, the Maltese government has a strong belief in cryptocurrency and Blockchain technology, and they plan to position Malta as a leading name for the application of these.

The birth of the Ethereum blockchain and its smart contract applications that can facilitate, verify, or enforce the negotiation or performance have given an unprecedented opportunity to online casinos or betting platforms to regulate key operations of smart contracts.

Random numbers and payouts can be ruled by smart contracts, which are fully public and implemented on an Ethereum blockchain. Now players can see everything: transactions, sums, bets, the reasons why transactions are moving, and, most importantly, the mechanism of randomness. If the casino tried to rig the odds, it would be immediately spotted.